Patrick Dempsey Leads Bid for Seattle Coffee Chain
Patrick Dempsey of 'Grey's Anatomy' fame is spearheading a group of investors in a venture to buy Tully's Coffee chain, Seattle's second largest coffee retailer.
The actor hit Twitter Wednesday with this interesting tidbit, "I hope we are successful in acquiring @tullyscoffee."
Dempsey and his entrepreneurial finance group are not alone in making a bid for the struggling company.
A Colorado group, identified as Kachi Partners, have entered into a "stalking horse" Asset Purchase Agreement with Tully's. According to their website, "Tully's submitted the APA to the Seattle Bankruptcy Court on Nov. 26 and intends to conduct a court-supervised auction of its business before the end of the year."
Tully's CEO and President Scott Pearson said, "With this agreement in place with Kachi, we believe the business is positioned to emerge from this process in early 2013 and that we will be a much stronger company as a result."
The business, which includes 47-company owned stores, filed for Chapter 11 bankruptcy protection in October 2012, citing low cash reserves and the need to negotiate leases with landlords. At the time of the filing Tully's had recently closed 17 unprofitable locations. Holdings include franchises in Japan and South Korea.
Dempsey's group "made a very competitive bid" this morning and are optimistic. The actor said, "I've always loved this city, and with the purchase of Tully's Coffee, Seattle may be my home away from home in the very near future."